ibusinesslines.com
ibusinesslines.com December 09, 2018


NCBA Welcomes USMCA Signing; Will Work with Congress to Secure Passage

04 December 2018, 12:30 | Kelvin Horton

Trump says he'll be 'formally terminating NAFTA shortly' in a move that puts pressure on Congress

Donald Trump says he'll terminate Nafta

"It's disappointing but not surprising" that the US president would try to force Congress to reinstate the status quo of #NAFTA, instead of working constructively with Congress to improve his proposed agreement, Henry Connelly, a spokesman for House Democratic leader Nancy Pelosi, said on Twitter Sunday morning.

A 2016 congressional research report said there is a debate over whether a president can withdraw from a trade deal without the consent of Congress, and there is no historical precedent for the unilateral withdrawal from an free trade deal by a president that had been approved by Congress. "Without major improvements, this supposed overhaul will prove to be nothing more than a rebranded corporate handout".

Pelosi, who is expected to take the role of House Speaker in January, has repeatedly expressed deep concerns over the deal's enforceability.

Trump, who is facing mounting political challenges at home, made his remarks to reporters as he prepared to return to the USA after the G-20 Summit in Bueno Ares.

And he rejects President Trump's contention their new trade agreement is final. "It's NAFTA 2.0", Warren told a luncheon audience last week during a foreign policy speech in Washington.


The expiration of the United States' participation in this trade deal, according to the President, will happen in a short period of time, although as part of the agreement, countries must give a six month notice prior to their withdrawal.

"For these reasons, I oppose NAFTA 2.0, and will vote against it in the Senate unless President Trump reopens the agreement and produces a better deal for America's working families". The U.S. does about a $1 trillion worth of business each year with the two countries, and Canada (second) and Mexico (third) are America's most significant trade partners.

What has Congress said about this?

In a blog entry posted shortly after the agreement was signed Friday, Cato Institute trade analyst Simon Lester appeared to anticipate Trump's move - although he acknowledged it would have made a lot more sense if the Republicans still had control of Congress.



Other News

Trending Now

Countdown to Mars: NASA sweating 'seven minutes of terror'
PALCA: Even though they can't do anything to help InSight as it descends, mission managers should be able to watch its progress. The landing will take place on a giant volcanic plain called Elysium Planitia - Curiosity is now to the north of this location.

George HW Bush's service dog Sully pays touching last tribute
Mr Bush , who served as the 41st U.S. president between 1989 and 1993, died late on Friday at the age of 94. His body will lie in state in the Capitol Rotunda for a public viewing from Monday until Wednesday morning.

US, China agree to halt new tariffs for 90 days: White House
That's piled pressure on auto companies that have relied on the country for growth amid declining vehicle sales in the U.S. What is mentioned by both sides is China's agreement to more strongly control the trade in the opioid Fentanyl.

Gorgeous New Poster And Plot Summary For Captain Marvel Arrive Online
And to tide you all over until then, a brand new poster has arrived - one bursting with vibrant colours and cosmic rays. As expected, it features Brie Larson front and center, along with the requisite list of actor names floating above her.

Bush's service dog pictured in moving tribute to late US president
Bush is remembered before the Pittsburgh Steelers play the San Diego Chargers at Heinz Field, Pittsburgh, PA, Dec 2, 2018. His death also reduces membership in the exclusive ex-presidents' club to four: Jimmy Carter, Bill Clinton, George W.

Mullen honored by Peach Bowl selection; ready to pick Urban Meyer's brain
DL Jachai Polite has 16 tackles for loss, including 11 sacks, to rank third in the SEC in both categories. Michigan: RB Karan Higdon is Big Ten's second-leading rusher with 1,178 yards and 10 touchdowns.

How to watch the 2018 Ballon d'Or online, TV
With five Ballon d'Ors each, their domination began in 2008 with the Portuguese attacker winning as a Manchester United player . The pair have won an incredible five awards each, with Ronaldo equalling Messi's tally a year ago .